Canara Bank Visa Platinum Credit Card – Benefits, Fees & Eligibility

Canara Bank Visa Platinum Credit Card

Introduction

The Canara Bank Visa Platinum Credit Card operates on the globally accepted Visa network, offering secure transactions for both shoppers and travelers. It provides a rewarding experience with 2 Reward Points for every ₹100 spent on Point of Sale (PoS) and e-commerce transactions, redeemable for cashback or goods. Cardholders enjoy up to 50 days of interest-free credit and complimentary domestic airport lounge access twice every quarter. This card features zero annual, joining, and enrolment fees, making it an affordable option. Additionally, it includes comprehensive insurance benefits such as air accident coverage, baggage protection, and purchase protection.

Fees

• Joining Fee: Nil
• Annual Fee: Nil
• Card Inactivity Fee: ₹200/- (applicable only if the card turnover during the card year is less than ₹50,000/-)
• Foreign Currency Markup: 3% of the transaction amount (stated as lowest among peer banks)
• Interest Rates:
  • Interest Free Credit Period: Upto 50 days (minimum of 20 to a maximum of 50 days) until the next Payment Due Date.
  • Interest Rate beyond Credit Period / on Revolved Amount: 2.5% per month (Annualized Percentage Rate 30%) on the outstanding amount for unsecured credit cards.
  • Delayed Payment Charges (Late Payment Fee): ₹250/- + GST will be charged if payment is delayed beyond the due date. This is in addition to the existing service charges (2.5% p.m. / 30% per annum) on the carried over balance.
• Fuel Surcharge:
  • 1% of the transaction value with a minimum fee of ₹10 + applicable taxes.
  • Maximum of ₹100/- for the billing month would be reimbursed if the card has been used for a minimum of ₹2,500/- for purchase transactions during the billing month.
  • Minimum purchase of petrol & petroleum products per occasion (ticket size) for reckoning under this scheme is ₹400/-.
• Cash Advance Charges:
  • 3% of the transaction amount, subject to a minimum of ₹30/- for every ₹1000 or part thereof, withdrawn at Canara Bank ATMs.
  • Use of other Bank ATMs attracts extra charges levied by the respective banks.
• Card Replacement Fee: ₹300/- per card (applicable for both primary and add-on cards)
• EMI Conversion Charges:
  • Processing Fee: 2% of the transaction amount, with a minimum of ₹100/- and a maximum of ₹200/-.
  • Rate of Interest on EMI:
    • 13% p.a. for EMI periods of 3, 6, and 9 months.
    • 14% p.a. for EMI periods of 12, 18, and 24 months.
  • EMI Pre-Closure Penal Charges: 2% of the outstanding principle.
• Surcharges for Railway Tickets:
  • Railway Counters: ₹30 + 2.5% of the transaction amount.
  • www.irctc.co.in: 1% of the transaction amount + all applicable taxes.
• Duplicate Statement: ₹10 per page
• Cheque Dishonor Charges or unsuccessful payment instructions: ₹50
• Copy of Charge Slip:
  • Domestic: ₹100/-
  • International: US $10/- or equivalent
• Original Charges Slip:
  • If processed by Canara Bank: USD 2.00 (Approximate rupee equivalent is charged).
  • If procured from other Bank: USD 6.00 (Approximate rupee equivalent is charged).
• Collection charges for outstation cheques: ₹100 per instrument + other banks' charges, if any.
• Charges in respect of notices/reminders sent to cardholders having overdues: ₹50/- per notice.
• Spend-Based Waiver: No spend-based waiver is explicitly mentioned for annual fees.
• Rewards Redemption Fee: No specific fee for rewards redemption is mentioned.
• GST: All the above listed charges exclude GST, and 18% GST will be charged extra.
• Other Expenses: All other out of pocket expenses incurred for any services rendered will be collected in addition to the fees/charges mentioned above.
• Changes to Fees: All fees/charges are subject to change and at the discretion of the Bank. Changes will be indicated in bills/MITC/Bank site/SMS/emails etc. Intimation on any such modification will be sent to the customer through SMS/emails etc.

Rewards

• Reward Points:
  • Earn 2 Reward Points for every ₹100/- spent on Point of Sale (PoS) and E-Commerce transactions.
  • Reward type is Reward Points.
• Airport Lounge Access:
  • Complimentary Airport Lounge Access is available at selected lounges.
  • Domestic Airport Lounge Access: 2 complimentary accesses per quarter for self.
  • No international lounge access is mentioned.
• Insurance Benefits:
  • Fraudulent Charge Cover: Up to ₹5,00,000/-.
  • Baggage Insurance: Up to ₹25,000 for losses or damages.
  • Purchase Protection Cover: Up to ₹25,000 for items bought with the card.
  • Accident Cover (Air Accident):
    • ₹8.00 lakhs for self.
    • ₹4.00 lakhs for spouse.
  • Accident Cover (Other than Air Accident):
    • ₹4.00 lakhs for self.
    • ₹2.00 lakhs for spouse.
• Other Offers: Seasonal offers are available on Canara Cards.
• Movies & Dining: No specific movie or dining benefits are mentioned.
• Golf: No specific golf benefits are mentioned.

Rewards Redemption Guide

• Reward Points can be redeemed for cashback or goods.
• The value of 1 Reward Point is ₹0.25.
• To redeem Reward Points, visit the CanaraRewardz website (www.canararewardz.com).

Card Eligibility Criteria

• Age: Must be 21 years or older to apply.
• Residency: Must be a resident of India.
• Income (for Individuals): Independent income with a minimum of ₹2 Lakh gross per annum.
• Income (for Staff Members): Minimum annual gross income of ₹60,000 and minimum net take home salary of not less than ₹4,000 per month.
• Credit History: A decent credit history is required to qualify for the card.
• Documents Required: Necessary documents to support the application, such as proof of identity and proof of income, will be required.

Card Review

The Canara Bank Visa Platinum Credit Card is an appealing choice for individuals seeking an affordable credit card, as it comes with no joining or renewal fees. Its benefits, including earning Reward Points on PoS and e-commerce transactions and complimentary domestic airport lounge access twice a quarter, make it attractive for frequent shoppers and occasional travelers. The card also offers valuable insurance protections, such as fraudulent charge cover, baggage insurance, purchase protection, and comprehensive accident coverage, contributing significantly to a cardholder's peace of mind. While it provides good basic benefits and strong insurance coverage, it is noted for offering no benefits beyond lounge access and insurance in specific categories like movie and dining. Before applying, potential cardholders should assess their spending habits and needs to determine if the card aligns with their financial lifestyle.

Important Product Details

• Zero Annual, Joining, and Enrolment Fees.
• Earn 2 Reward Points for every ₹100 spent on PoS and E-Commerce transactions.
• Complimentary domestic airport lounge access twice every quarter.
• Up to 50 days of interest-free credit.
• Fuel surcharge waiver of 1% on fuel transactions (up to ₹100 per billing month, with conditions).
• Comprehensive insurance benefits, including:
  • Fraudulent Charge Cover of ₹5,00,000.
  • Baggage Insurance up to ₹25,000.
  • Purchase Protection Cover up to ₹25,000.
  • Air Accident Cover of ₹8 lakhs for self and ₹4 lakhs for spouse.
  • Other Accident Cover of ₹4 lakhs for self and ₹2 lakhs for spouse.
• Easy EMI Conversion facility available through the Canara ai1 app.
• No spend-based waiver for annual fees.

Other Details

• Credit Period: Upto 50 days of interest free credit.
• EMI Conversion: Easy EMI Conversion is available through the Canara ai1 app.
• Transaction Types:
  • All transactions are allowed, including ATM Cash Withdrawal, Point of Sale (PoS), and E-Commerce.
  • Transaction types can be made On/Off, or limits can be set through net banking/mobile banking or by visiting the base branch.
• Card Usage:
  • ATM Cash Withdrawal & other non-financial services.
  • Shop at PoS at Merchant Outlets.
  • Shop online & enjoy discounts.
• Acceptance:
  • Domestic & International Acceptance.
  • International / Global usage can be activated through net banking / mobile banking or by visiting the base branch.
• Maximum Credit Limit Per Month: ₹50,00,000
• Cash-Withdrawal Limit: 50% of the Credit Limit or ₹50,000/-, whichever is lower.
• Expected Minimum Annual Turnover on Card: ₹50,000/-.
• Minimum Repayment on Revolving Credit (Minimum Amount Due - MAD): 5% of Total outstanding amount (Min. Rs. 100) + all applicable charges/fees/taxes + EMI (in cases of EMI availed by cardholder) + over-the-limit amount (if any).
• Fees/Charges Disclaimer: All fees/charges are subject to change and at the discretion of the Bank. The changes in fees/charges and their effective date will be indicated in bills/MITC/Bank site/SMS/emails etc. Intimation on any such modification in fee/charges will be sent to the customer through SMS/emails etc.
• Billing: Bill/statement will be generated only when there is a billable transaction for the billing month.